I should have been more patient with ITSI. They recently announced that theirwholly owned subsidiary, Unisyn Solutions, Inc., has entered into an agreement with Election Systems & Software, Inc. for ES&S to manufacture and distribute a Precinct Ballot Counter developed by Unisyn. This represents an entirely new revenue stream for ITSI. (Note of caution: the bid/ask spread is still outrageous).

Stocks Up in a Down MarketAVTX (.056) They began the year at .03.Advance Technologies, Inc. develops infrared enhanced vision technology for commercial solutions and applications. It licenses and develops applied infrared enhanced vision solutions for use in diverse industries, including aviation, recreational vehicles, commercial trucking, marine, security, and fire fighting applications. The company is developing a night vision system with applications in the military, as well as civil. In addition, it is involved in the development of other electro-optical mechanical devices.
37.8m s/oWeb Site: http://www.avtx.com

CORG (2.10) up 100% YTD. Cordia Corporation, a business services holding company, through its subsidiaries, provides local and long distance telecommunications services. The company offers an integrated set of telecommunications products and services, including local exchange, local access, domestic and international long distance telephone, and a suite of local features and calling plans with service offerings to small business and residential customers in New York, New Jersey, and Pennsylvania.
4.57m s/o
Web Site: http://www.cordiacorp.com

EDGR (2.42) Began the year at 1.50 was as high as 4.00. EDGAR Online, Inc. provides financial and business information of global companies contained in the U.S. Securities and Exchange Commission filings.
4 million cash.
24.92m s/o
Web Site: http://www.edgar-online.com

PHST (1.62) Opened 2005 at .95.Pharsight Corporation engages in the development and marketing of software products and scientific consulting services for pharmaceutical and biotechnology companies. The company’s products include software for clinical trial simulation and computer-aided trial design; for the statistical analysis and mathematical modeling of data; and for the storage, management, and regulatory reporting of derived data and models in a data repository.
19.19m s/o
Web Site: http://www.pharsight.com

First lets review and see where we are:
Major indexes are down 3 years running, Nasdaq just
experienced the worst December ever, consumer confidence
is down near a seven year low, and the thought of war is on
too many minds.

I think its safe to say now is not the best time to be a
stock picker. Still, Pennyheaven Top 10 (2002) did finish
in the black (+ 10%) even though 7 of the 10 were in the
red. HQNT finished up 400%, LDNA up 100%, and UBET
up 67%. I’ll take it.

This year we’re doing something different. The current
environment dictates we get lean and mean.
Instead of the Top 10 we’ve narrowed it down to Top 7.
No Fat; No Waste.

Ladies and Gentlemen,
Pennyheaven Super 7 (2003)

Nothing over a dollar, 50 million s/o maximum, OTCBB only,
no convertible debentures (as of this writing, as far as I can tell).
Prices reflect close of business 12/31/02.

From 11/13/02 10QSB
On May 3, 2002, the Company announced a stock repurchase plan,
whereby the Company may repurchase between 1,000,000 and 2,500,000
shares of the Company’s common stock in open market transactions,
from time to time during the next two years in compliance with Rule 10b-18
of the Securities Exchange Act of 1934 and all other applicable securities
regulations. Repurchases of common shares in the open market will provide
shares for issuance to employees under stock option and stock purchase
plans. Since inception of the plan through September 30, 2002, the Company
repurchased 339,750 shares of common stock for $65,950. The Company
purchased an additional 43,500 shares during October 2002 for $11,843.

14,722,105 s/o as of 11/05/02
Market Cap: $2,797,200

2) CorVu Corp CRVU .53 (.53 x .55)
CorVu Corporation is a holding company that develops and
sells business performance management software products
and related professional services through subsidiaries. For
the three months ended 9/30/02, revenues totaled $4.4 million,
up from $2.2 million. Net income totaled $1 million vs. a loss
of $681 thousand.

183% Increase in License Sales for Q1 FY2003 and Fourth
Consecutive Quarter of Record Profits

For the nine months ended 9/30/02, revenues totaled $15.5
million, up from $1.7 million. Net loss fell 97% to $178 thousand.
Third Quarter 2002 Results:
Record revenues of $6,358,883 million represents an increase
of 25% compared to the previous quarter and 450% over the
same period last year.
2.7million cash and cash equivalents as of 9/30/02
37,439,068 s/o
Market Cap: $5,615,862
Website: http://www.ephonetelecom.com/

5) First Aid Direct FADI .10 (.10 x .14)
First Aid Direct, Inc. is a supplier of first aid products, safety
equipment and safety training and compliance products. Its
products are available through independent distributors and
on its web site.

The Company set new profit and sales records for the third
quarter of 2002, and continued to increase its number of
distributors. For the nine months ending 9/30/02 net income
was .03/share.
3,985,000 s/o as of 9/30/02
Market Cap: $398,500
http://www.firstaiddirect.com

6) Health Fitness HFIT .50 (.40 x .50)
Health Fitness Corporation is the leading provider of results-
oriented fitness, assessment, wellness, and occupational health
services to corporations, hospitals, universities and communities.
HFC has been serving clients since 1975 and manages more
than 190 sites across the U.S. and Canada. For the nine months
ended 9/30/02, revenues rose 5% to $20.3 million. Net income
totaled $2.3 million, up from $863 thousand.
Eleven consecutive quarters of profitability.

From 12/13/02 10QSB
During the first nine months of fiscal 2003, the Company repurchased
249,300 shares of common stock under the Company’s authorized
repurchase program at a cost of $50,241. As of October 31, 2002 a total
of 750,700 shares remained available for repurchases under the program.
14,484,700 s/o as of 10/31/02
Website: http://www.setoholdings.com/

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